‘He ruined our lives’: Grandmother loses $320,000 over grandson’s alleged fraud scheme
- Replies 18
In a tale that reads like a cautionary fable, a grandmother's trust in family ties has been shattered, leaving her grappling with a staggering $320,000 loss.
Lyn Newby's story is a stark reminder that even those closest to us can be capable of deceit, and it raises the alarm for all seniors to be vigilant against fraud, especially within their own families.
Lyn Newby's grandson, Jack Endersby, 24, was accused of orchestrating a Ponzi scheme that has allegedly swindled approximately $2 million from unsuspecting victims across Australia.
The scheme, which ran from February 2021 to February 2024, promised returns through Endersby's trading business, Codex Investments.
However, the promised profits were nothing more than a deceit.
She invested $320,000 in 2021, lured by the promise of a 3 per cent monthly return from her grandson's venture.
Initially, the returns materialised, but by mid-2023, the payments ceased without warning, leaving her in financial and emotional turmoil.
'He has ruined our lives. How could he do it to me–I'm his grandmother,' Newby lamented.
The family's distress was evident in the Perth Magistrates Court, where Endersby faced 11 charges of fraud.
Despite the presence of his mother and grandmother, Endersby avoided any interaction with his family.
'He will feel terrible when he sees me, and I want him to look me in the eye and know how much he's hurt me,' Newby expressed before the court date.
The police claimed that Endersby, previously employed as a telesales consultant and labourer, proudly presented a portfolio worth $2.2 million in 2020.
Endersby's lifestyle, which included a luxury apartment on Perth's waterfront, exotic holidays overseas, and a Maserati, was allegedly funded not by shrewd investments but by the classic Ponzi scheme playbook—using new investors' money to pay off earlier ones.
Newby texted Endersby after hearing about the alleged fraud, saying, ‘Is it true? Is there any way you can salvage my money?'
He allegedly replied, 'No, it's not true, I have it sorted for you. See you Tuesday.'
They never met up.
Michael Dawson, one of Endersby’s alleged victims, went to his court appearance.
Dawson claimed he first invested in Endersby’s business 18 months ago.
‘I did get some money back initially, but I really started getting worried about a year ago when I stopped hearing from him, stopped getting any money that I requested,’ he said.
Another of Endersby’s former clients alleged that he had invested $50,000 and that Endersby had ‘built trust’ with investors by including them in a friend referral scheme.
'If you successfully referred a friend, you would get 10 per cent of whatever they invested with him,' he said.
'So most of us thought, "Okay, so-and-so has already invested with him and seems happy, I'm going to give it a go.”’
With Endersby's next court appearance scheduled for April 19, she, along with other alleged victims, awaits justice.
You can watch 9 News Perth’s coverage below:
Credit: 9 News Perth / Facebook
In a similar story, a report has revealed that the National Disability Insurance Scheme (NDIS) has been allegedly victimised by fraudulent claims and infiltrated by a devious disability provided.
The provider was apprehended for allegedly amassing $1 million through fraudulent NDIS billings in a month. You can read more about the story here.
Members, have you ever encountered a similar situation? Share your experiences and insights in the comments below.
Lyn Newby's story is a stark reminder that even those closest to us can be capable of deceit, and it raises the alarm for all seniors to be vigilant against fraud, especially within their own families.
Lyn Newby's grandson, Jack Endersby, 24, was accused of orchestrating a Ponzi scheme that has allegedly swindled approximately $2 million from unsuspecting victims across Australia.
The scheme, which ran from February 2021 to February 2024, promised returns through Endersby's trading business, Codex Investments.
However, the promised profits were nothing more than a deceit.
Lyn Newby’s grandson, Jack Endersby, allegedly defrauded her of $320,000. Credit: Shutterstock
She invested $320,000 in 2021, lured by the promise of a 3 per cent monthly return from her grandson's venture.
Initially, the returns materialised, but by mid-2023, the payments ceased without warning, leaving her in financial and emotional turmoil.
'He has ruined our lives. How could he do it to me–I'm his grandmother,' Newby lamented.
The family's distress was evident in the Perth Magistrates Court, where Endersby faced 11 charges of fraud.
Despite the presence of his mother and grandmother, Endersby avoided any interaction with his family.
'He will feel terrible when he sees me, and I want him to look me in the eye and know how much he's hurt me,' Newby expressed before the court date.
The police claimed that Endersby, previously employed as a telesales consultant and labourer, proudly presented a portfolio worth $2.2 million in 2020.
Endersby's lifestyle, which included a luxury apartment on Perth's waterfront, exotic holidays overseas, and a Maserati, was allegedly funded not by shrewd investments but by the classic Ponzi scheme playbook—using new investors' money to pay off earlier ones.
Newby texted Endersby after hearing about the alleged fraud, saying, ‘Is it true? Is there any way you can salvage my money?'
He allegedly replied, 'No, it's not true, I have it sorted for you. See you Tuesday.'
They never met up.
Michael Dawson, one of Endersby’s alleged victims, went to his court appearance.
Dawson claimed he first invested in Endersby’s business 18 months ago.
‘I did get some money back initially, but I really started getting worried about a year ago when I stopped hearing from him, stopped getting any money that I requested,’ he said.
Another of Endersby’s former clients alleged that he had invested $50,000 and that Endersby had ‘built trust’ with investors by including them in a friend referral scheme.
'If you successfully referred a friend, you would get 10 per cent of whatever they invested with him,' he said.
'So most of us thought, "Okay, so-and-so has already invested with him and seems happy, I'm going to give it a go.”’
With Endersby's next court appearance scheduled for April 19, she, along with other alleged victims, awaits justice.
You can watch 9 News Perth’s coverage below:
Credit: 9 News Perth / Facebook
In a similar story, a report has revealed that the National Disability Insurance Scheme (NDIS) has been allegedly victimised by fraudulent claims and infiltrated by a devious disability provided.
The provider was apprehended for allegedly amassing $1 million through fraudulent NDIS billings in a month. You can read more about the story here.
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